NEW YORK (Standard&Poor's CreditWire) Feb. 5, 1999 - Standard&Poor's today affirmed its single-'A' rating on Maricopa County Industrial Development Authority (SPE), Ariz.'s $7.9 million multifamily housing revenue refunding bonds series 1994. The affirmation reflects improved financial performance of the property securing the bonds resulting from the strong economic growth and increased population in the Phoenix, Ariz. metropolitan area. However, the property is likely to face pressure due to increased supply and competition in the local market. Although Standard&Poor's analysis reflects the expected pressures in the local market, the 1998 operating results (trailing 12 months as of Sept. 30, 1998) for Terra Vida remains strong. The net cash flow generated by the property is sufficient
